Argus initiated coverage of DoorDash with a Hold rating with no price target. The company has grown internationally and expanded into new product verticals such as groceries, apparel and electronics, with revenue growth of over 100% since 2019, the analyst tells investors in a research note. Argus adds however that DoorDash shares are trading at a premium on a price to sales basis compared to its peer group and in line with the peer group on enterprise value to sales, and its management will need time to navigate near-term challenges amid new legislation and new product verticals.
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